Moneygram International (NASDAQ:MGI) Trading Up 5.7%

Shares of Moneygram International Inc (NASDAQ:MGI) were up 5.7% on Thursday . The company traded as high as $4.30 and last traded at $4.20, approximately 836,222 shares changed hands during mid-day trading. A decline of 47% from the average daily volume of 1,588,891 shares. The stock had previously closed at $3.97.

A number of research analysts have weighed in on MGI shares. Northland Securities set a $7.00 target price on Moneygram International and gave the company a “buy” rating in a report on Monday, September 30th. BidaskClub downgraded Moneygram International from a “buy” rating to a “hold” rating in a report on Friday, September 27th. Zacks Investment Research downgraded Moneygram International from a “strong-buy” rating to a “hold” rating and set a $3.50 target price on the stock. in a report on Thursday, August 8th. ValuEngine raised Moneygram International from a “hold” rating to a “buy” rating in a report on Wednesday, October 2nd. Finally, Barclays increased their target price on Moneygram International from $2.00 to $3.50 and gave the company an “underweight” rating in a report on Monday, September 9th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $4.67.

The business has a fifty day simple moving average of $4.49 and a two-hundred day simple moving average of $2.93. The company has a market cap of $253.16 million, a P/E ratio of 9.76 and a beta of 2.71.

Moneygram International (NASDAQ:MGI) last posted its earnings results on Thursday, August 1st. The financial services provider reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.08. The company had revenue of $323.80 million for the quarter, compared to the consensus estimate of $342.31 million. Moneygram International had a negative return on equity of 3.29% and a negative net margin of 5.56%. On average, research analysts forecast that Moneygram International Inc will post 0.09 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Hennessy Advisors Inc. increased its position in Moneygram International by 11.1% in the third quarter. Hennessy Advisors Inc. now owns 100,000 shares of the financial services provider’s stock worth $398,000 after buying an additional 10,000 shares in the last quarter. Marshall Wace North America L.P. purchased a new stake in Moneygram International in the second quarter worth about $51,000. Teton Advisors Inc. grew its position in shares of Moneygram International by 3.8% during the second quarter. Teton Advisors Inc. now owns 581,500 shares of the financial services provider’s stock worth $1,436,000 after purchasing an additional 21,500 shares in the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new stake in shares of Moneygram International during the second quarter worth about $54,000. Finally, Thoroughbred Financial Services LLC purchased a new stake in shares of Moneygram International during the second quarter worth about $3,334,000. Institutional investors and hedge funds own 62.27% of the company’s stock.

About Moneygram International (NASDAQ:MGI)

MoneyGram International, Inc, together with its subsidiaries, provides money transfer services in the United States and internationally. The company operates through two segments, Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment offers money transfer services and bill payment services primarily to unbanked and underbanked consumers.

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